DAVENPORT & Co LLC Cuts Stake in Medtronic PLC $MDT

DAVENPORT & Co LLC lessened its stake in Medtronic PLC (NYSE:MDT) by 1.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,067,183 shares of the medical technology company’s stock after selling 14,265 shares during the quarter. DAVENPORT & Co LLC owned 0.08% of Medtronic worth $101,266,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of MDT. Norges Bank purchased a new position in Medtronic in the second quarter worth about $1,432,698,000. Vanguard Group Inc. grew its holdings in shares of Medtronic by 1.5% during the second quarter. Vanguard Group Inc. now owns 126,909,406 shares of the medical technology company’s stock valued at $11,062,693,000 after buying an additional 1,895,165 shares during the last quarter. Alyeska Investment Group L.P. increased its position in shares of Medtronic by 100.8% during the first quarter. Alyeska Investment Group L.P. now owns 2,873,623 shares of the medical technology company’s stock valued at $258,224,000 after acquiring an additional 1,442,768 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Medtronic by 32.0% in the 1st quarter. The Manufacturers Life Insurance Company now owns 5,710,636 shares of the medical technology company’s stock worth $513,152,000 after acquiring an additional 1,384,910 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its position in Medtronic by 332.0% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 1,494,782 shares of the medical technology company’s stock valued at $130,300,000 after acquiring an additional 1,148,803 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on MDT shares. UBS Group lifted their target price on Medtronic from $95.00 to $102.00 and gave the stock a “neutral” rating in a report on Wednesday, November 19th. Morgan Stanley lifted their price objective on Medtronic from $107.00 to $117.00 and gave the stock an “overweight” rating in a report on Wednesday, November 19th. Argus boosted their target price on Medtronic from $105.00 to $115.00 and gave the stock a “buy” rating in a research report on Tuesday, August 26th. Daiwa Capital Markets raised their price target on shares of Medtronic from $104.00 to $117.00 and gave the company a “buy” rating in a report on Tuesday, November 25th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Medtronic from $90.00 to $100.00 and gave the stock a “neutral” rating in a research note on Thursday, November 13th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and twelve have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $109.94.

Medtronic Trading Down 0.3%

Medtronic stock opened at $97.44 on Wednesday. Medtronic PLC has a 52-week low of $79.29 and a 52-week high of $106.33. The company has a market cap of $124.92 billion, a P/E ratio of 26.26, a P/E/G ratio of 2.57 and a beta of 0.71. The company has a quick ratio of 1.80, a current ratio of 2.42 and a debt-to-equity ratio of 0.57. The business has a 50-day simple moving average of $97.44 and a two-hundred day simple moving average of $93.61.

Medtronic (NYSE:MDT) last issued its quarterly earnings data on Tuesday, November 18th. The medical technology company reported $1.36 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.05. The firm had revenue of $8.96 billion for the quarter, compared to analysts’ expectations of $8.86 billion. Medtronic had a net margin of 13.71% and a return on equity of 14.86%. The business’s quarterly revenue was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.26 EPS. Medtronic has set its FY 2026 guidance at 5.620-5.660 EPS. Analysts predict that Medtronic PLC will post 5.46 EPS for the current year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 16th. Stockholders of record on Friday, December 26th will be paid a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 2.9%. The ex-dividend date is Friday, December 26th. Medtronic’s dividend payout ratio (DPR) is currently 76.55%.

About Medtronic

Medtronic plc is a global medical technology company that develops and manufactures a broad range of therapeutic devices and health care solutions. Headquartered legally in Ireland with principal operational offices in the United States, the company markets products to hospitals, physicians and health systems worldwide and has grown from its founding in 1949 into one of the largest medical-device manufacturers serving global health-care markets.

Medtronic’s offerings span several clinical areas, including cardiac rhythm and heart failure (pacemakers, implantable cardioverter‑defibrillators and related cardiac therapies), minimally invasive and surgical technologies (laparoscopic and advanced energy devices, visualization systems and surgical innovations), restorative therapies (spine and orthopedics, neuromodulation and neurovascular treatments) and diabetes management (insulin-delivery systems and glucose monitoring solutions).